Truist Financial Corp. (NYSE: TFC) and Truist Foundation announced a $15 million program to support affordable housing in North Carolina.
According to Charlotte-headquartered company, there will be a $15 million equity investment from Truist Community Capital in the Housing Impact Fund II (HIF II) to combat displacement, secure affordable housing and facilitate critical services for low-to-moderate income families across North Carolina’s Mecklenburg County.
Truist’s HIF II follows HIF I, a $58 million fund formed in 2020 that has facilitated the acquisition and rehabilitation of 805 units in five Mecklenburg County communities. The housing created by HIF I is more than 97% occupied, serves more than 2,000 residents and has 20-year affordability covenants that ensure their continued availability to those earning less than 80% of the area median income.
In total, HIF I and II will invest nearly $125 million in affordable housing and services in the community. HIF II will focus its investments on apartment communities that are vulnerable to gentrification. Like HIF I, HIF II will spend more than 90% of its renovation dollars with minority-led businesses.
The company also announced it is providing a $1 million Truist Foundation grant to Per Scholas North Carolina to expand technology skills training in rural North Carolina and another $1 million Truist Foundation grant to NPower to provide technology skills and employment opportunities for military-connected individuals and underserved young adults in the Raleigh community.
“Safe, affordable housing and career pathways are key to North Carolina’s vibrancy and economic growth. Truist’s purpose is to inspire and build better lives and communities, and our commitment today addresses these critical needs,” said Truist Chairman and CEO Bill Rogers. “We are honored to be the anchor investor in the Housing Impact Fund II, which has a proven and innovative approach to preserving affordable housing near jobs, transit and quality education in Charlotte.”
Photo courtesy of Miller Zell
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